AUD/USD: Bullish Intraday Reversal
AUD/USD made a bullish intraday reversal yesterday, invalidating a potential double-top formation. An hourly resistance can be found at 1.0454. Another resistance is at 1.0497 (26/03/2013 high). Hourly supports are at 1.0381 (intraday low) and 1.0348 (08/04/2013 low).
In the medium-term, AUD/USD is moving within the horizontal range defined by the support at 1.0149 (08/10/2012 low) and the resistance at 1.0613 (09/08/2012 high). The recent technical improvements favour a test of the top of this range.